Blackrock, the renowned American manager, has increased her participation in Banco Sabadell above 7%, just at the time BBVA is expected to begin the period of acceptance of her public acquisition offer (OPA) by the Catalan entity.
The increase in Blackrock’s participation in Banco Sabadell is mainly attributed to the recent capital reduction carried out by the entity to amortize the shares acquired in a repurchase of 755 million euros that ended on August 4.
Capital reduction details
The reduction of 33 million euros, equivalent to 5.003% of Sabadell’s capital, has resulted in a decrease in the operating shares of 5,288 million to 5,023 million. This has resulted in an increase in the participation of shareholders in the capital of the bank.
Blackrock has reported the purchase of 56,000 shares in recent days, which has led to an increase in its participation from 6,664% to 7,017%. This percentage represents the highest level of participation that the American manager has had since he became a shareholder of Banco Sabadell in 2010.
Blackrock’s participation composition
Most of the Blackrock participation, 6,987%, is carried out through voting rights, while the remaining 0.030% is carried out through financial instruments. In total, the manager has 359.4 million shares with an approximate value of 1,140 million euros, considering the current price of 3.18 euros per share of Sabadell.
In addition to Blackrock, other significant shareholders in Banco Sabadell include Zurich (4,700%), David Martínez (3,495%), Dimensional Fund (2,873%), UBS (2,811%), Norges Bank (2,177%), Goldman Sachs (1,490%), Vanguard (1,338%), Amundi (1,271%), DWS (1,212%), qube (1,021%) and JP Morgan Chase (1.009%).
Importance of shareholders in the BBVA OPA
These funds and investors will have a crucial role in the OPA that BBVA plans to launch in the coming of September, once it receives the approval of the brochure of the operation by the National Securities Market Commission (CNMV).